"We are very happy with the kind of investment and are confident of getting returns from our investment we are making in the IPL and in cricket in India over the next five years.

"The deal is the reaffirmation of Pepsi foods in India as a market and it's also our absolute commitment to cricket. Together with BCCI, we will take cricket to greater heights in India. It's a leadership stance from Brand Pepsi," she added.

The title sponsor rights include a number of branding and other marketing benefits to be received by the title sponsor at every IPL match during the season as specifically outlined in the Invitation to Tender.

The BCCI had made it clear in its tender notice that the companies which intend to sell off the rights after winning the bid are ineligible to apply in the first place.

Only corporate entities, whether in India or abroad, which are interested in placing a bid for themselves and/or their holding or subsidiary company(ies), for the purpose of the advertisement and promotion of their own brands within their primary product or services categories were eligible to participate in this tender process and to submit bids.